Ford gets $55 million in tax incentives to develop advanced batteries

FoMoCo said today that it has received a $55 million tax incentive from Michigan to continue development on advanced batteries and electric vehicles. The Detroit automaker said that the refundable tax credit comes through the new Michigan Advanced Battery Credits program.

Michigan Governor Jennifer Granholm signed the new bill into law earlier this year. The program will provide $335 million in refundable tax credits to encourage development of advanced-batteries in Michigan.

For the next four years, Ford has plans to introduce a compact battery-electric car in 2011, a next generation of its hybrid vehicles in 2012 and plug-in hybrid versions by 2012. Its first battery-electric powered vehicle will be the 2010 Ford Transit Connect commercial vehicle.

Source: Detroit News